Name three different methods of trackingand costing out inventory.

Name: Name three different methods of trackingand costing out inventory.
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Description: Name three different methods of trackingand costing out inventory.

Inventory costing, often known as inventory cost accounting, allows businesses to assign costs to…

Answered: ame three different methe nd costing…

Business

Accounting

ame three different methe nd costing out inventory.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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When inventory items are highly specialized, the best inventory costing method is ________. A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Write out the formula for the total costs of carrying and ordering inventory, and then use the formula to derive the EOQ model.
Explain the difference between the flow of cost and the flow of goods as it relates to inventory.
Why do companies adopt the LIFO method of inventory costing? Your discussion should include the effects on the income statement and balance sheet.
Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
Explain why, in the traditional view of inventory, carrying costs increase as ordering costs decrease.
What are two advantages and disadvantages of the periodic inventory system?
Which inventory costing method is almost always done on a perpetual basis? A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
Which of the following describes the economic order quantity (EOQ)? a. It is associated with a pull inventory system. b. It is the heart of a JIT purchasing system. c. It minimizes total ordering and carrying costs. d. It minimizes stock-out costs.
Considering the following information, and applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?